Increasingly grim global economic news and the prospects for even weaker demand for energy pulled world oil prices lower on Thursday, analysts said.

New York`s main futures contract, light sweet crude for December delivery, dropped 80 cents to 52.82 dollars a barrel, on top of a 77-cent drop Wednesday at the New York Mercantile Exchange.

Oil prices dropped on Wednesday, with Brent crude falling close to 50 dollars a barrel, as weak energy demand and the global credit crunch pressured the market.

Oil prices dropped on Wednesday, with Brent crude falling close to 50 dollars a barrel, as weak energy demand continued to plague the market, traders said.

Brent North Sea crude for delivery in January was down seven cents at 51.77 dollars a barrel in late afternoon trade on London`s InterContinental Exchange (ICE). Earlier it touched 50.61 dollars.

Oil prices dropped on Wednesday, with Brent crude falling close to 50 dollars a barrel, as demand for energy weakens worldwide and as the market awaits data on the health of US crude stockpiles.

Brent North Sea crude for delivery in January was down 82 cents at 51.02 dollars a barrel in morning trade on London`s InterContinental Exchange (ICE).

Oil prices dropped on Wednesday, with Brent crude falling close to 50 dollars a barrel, as demand for energy weakens worldwide and as the market awaits data on the health of US crude stockpiles.

Brent North Sea crude for delivery in January was down 82 cents at 51.02 dollars a barrel in morning trade on London`s InterContinental Exchange (ICE).

World oil prices held steady on Wednesday at their lowest levels in about 22 months but analysts said they will drop even lower because of worries over falling energy demand.

World oil prices held steady on Wednesday at their lowest levels in about 22 months but analysts said they will drop even lower because of worries over falling energy demand.

Oil prices fell in Asia on Monday after hopes for an OPEC production cut later this month were dashed while grim economic news mounted, analysts said.

New York`s main futures contract, light sweet crude for delivery in December, dropped 1.26 dollars to 55.78 dollars a barrel after falling 1.20 dollars to close at 57.04 on Friday at the New York Mercantile Exchange.

LONDON, Oct 22, 2007 (AFP) - Global oil supplies will drop more than half by 2030 after peaking last year, an independent scientific group said in an energy report published on Monday.

'World oil production has peaked in 2006,' the German-based Energy Watch Group (EWG) said in a report unveiled in London.

'Production will start to decline at a rate of several percent per year. By 2020, and even more by 2030, global oil supply will be dramatically lower.

LONDON, Oct 22, 2007 (AFP) - Oil prices fell further from record highs on Monday, despite escalating tensions between Turkey and troubled crude producer Iraq, traders said.

Meanwhile, OPEC member Kuwait forecast lower prices next month as a result of rising output from the oil producers' cartel.

New York's main futures contract, light sweet crude for delivery in November, shed 81 cents to 87.79 dollars in early afternoon deals. The contract had struck a historic high point of 90.07 dollars on Friday.